About
Launched in 2008, IIFL Asset Management Ltd. is an India-focused global asset management firm, with the objective of providing differentiated investment products for investors around the world. In 2022, IIFL Wealth & Asset Management rebranded itself as 360 ONE.
IIFL AMC manages an AUM of more than INR 55,000 crores (~$6.7 billion @ INR 82 per USD) across multiple asset classes including listed equity, private equity, structured credit and real estate.
IIFL AMC has 378 offices in India. It has a global presence that is spread across 8 countries. It has a diversified suite of mutual funds, alternative investment funds and venture capital funds spanning public and private equities, fixed income securities and real estate.
IIFL AMC is India’s leading alternates-focused and public markets-focused firm, offering products across multiple asset classes. The parent company, IIFL Wealth & Asset Management, is listed in NSE and BSE. The promoter is another listed company namely IIFL Finance, previously known as India Infoline; and IIFL Holdings. The sizeable and growing asset management business is the market leader in alternatives and an important pillar of the 360 ONE group (earlier known as IIFL Wealth and Asset Management), growing independently but also synergistically.
https://www.iiflamc.com/media/press-releases/2023/truescale-capital-combine-iifl-amc-enhances-iifl
Key financials for the year 2021-22
| Total income(INR crore) | Total expense(INR crore) | EBIT (INR Crore) | EBIT(%) | Net Profit(INR crore) | Total Income(USD million) | Total expense(USD million) | Net profit(USD million) | |
| 4419.9 | 2196.46 | 2223.4 | 50 | 2223 | 589.32 | 292.86 | 296.46 |
Key staff
Karan Bhagat, Founder IIFL Group – he joined IIFL Holdings Ltd. (formerly India Infoline) to setup IIFL Wealth Management Ltd. in early 2008. He has over 16 years of experience in the financial services industry. Karan holds an MBA in Finance from Indian Institute of Management (IIM) Bangalore and a Bachelor’s Degree in Commerce from St. Xavier’s College, Calcutta.
Anup Maheshwari, Chief Investment Officer and joint CEO – He has over 24 years of work experience in the financial services sector. Previously he was at DSP Investment Managers Private Limited for over 21 years as an Executive Vice President & Chief Investment Officer.
Prashasta Seth, Chief Investment Officer, IIFL Asset Management – he is responsible for all the equity funds managed by IIFL Asset Management. He joined the firm in 2008 and has been instrumental in setting up and growing the equity desk. Prashasta has over 16 years of experience in the financial services industry.
Amar Merani, Head – Real Estate – has experience of more than 25 years and was involved in fundraising, exits, and executing high-yield structured credit transactions at leading firms. Amar is an electrical engineer from VJTI, Mumbai and holds an MBA from NMIMS, Mumbai where he specialized in Finance and Operations.
Investment philosophy
Driving every investment action at IIFL Asset Management are the fundamental ‘V-A-L-U-E’ principles that form the core of our philosophy
Value creation by capital preservation blended with opportunistic growth – As a priority, we focus on preservation of capital. We blend it with value creation through opportunities with extraordinary intrinsic value, reasonable valuations and disproportionate risk-reward characteristics.
Active management with a long-term focus – An active management approach and long-term view are the key to our performance. In keeping with this view, we manage assets in line with an optimum risk and return spectrum.
Local expertise and rigorous research – We leverage our in-depth local expertise and research-led ability to navigate volatile markets. We adopt a consistent investment management process and robust risk control mechanisms.
Unafraid to be unconventional – We are unconventional and contrarian. We are not afraid to swim against the tide as long as we see value.
Ethical and responsible investment – For us at IIFL Asset Management, Trust and Ethics are of utmost importance. We integrate environmental, social and governance factors into our investment management process.
https://www.iiflamc.com/about/philosophy
Media
Manoj Shenoy appointed as CEO,2021
https://www.iiflamc.com/media/press-releases/2021/iifl-asset-management-appoints-manoj-shenoy-ceo
As at June 2023, the website does not show Manoj Shenoy as CEO, in line with rumours that he has left the firm.
Exclusive Interview with Anup Maheshwari, Co-founder & CIO, 360 ONE Asset, Mon, 10 Apr 2023
https://www.iiflamc.com/media/in-the-news/2023/exclusive-interview-anup-maheshwari-co-founder-cio
1. Where do you see markets by FY24?
Having spent more than twenty-five years in the listed equity space, one thing I have absolute certainty about is the inability to have absolute certainty on what the market may be up to in a single day, month or year. One year is too small a time frame to get an estimate of what the market return may look like.
2. What are the three major Headwinds & Tailwinds for the global economy & markets currently?
Headwinds – Rising inflation coupled with rising interest rates impact both businesses and valuations and hence can increase uncertainty in the market. My larger concern though is around the market reaching valuations where the risk-reward may seem less than optimal.
Tailwinds – As companies diversify their supply chain, India is emerging as an attractive option to set camp. Manufacturing exports is a theme which we at 360 ONE ASSET (earlier known as IIFL AMC) see as a theme that may play out in India for the next decade.
3. What is your outlook on the Financials, Manufacturing, and Auto Sector?
I remain positive on financials in the long term. Corporate Balance sheets look healthy and retail and corporate sectors should continue to experience reasonable growth. As I touched on earlier, manufacturing is a trend that may acquire more strength over time given the external factors coupled with the comparative tax environment. India could emerge as a global manufacturing hub over the coming decade. The Auto sector tends to be quite cyclical. It has performed well over the last year and so my only concern is around the fact that a lot of the upside may already be priced in.
4. What’s your conviction on the SCDV framework for the current decade?
In 360 ONE Asset’s SCDV Framework, businesses with a consistently high return on Equity and profit growth show up as secular stocks. In our framework, out of the past 10 years, these businesses need to show a Return on Equity and profit growth greater than 15% for at least 6 years to be classified as secular. Compared to the market benchmark we tend to be overweight on secular businesses. Defensive stocks are efficient but do not show rapid profit growth that secular stocks do. Cyclicals on the other hand can rapidly grow profits for a few years but may not be very efficient across the cycle. Our portfolio allocation to cyclical and defensive stocks is a function of the prevailing market conditions and economic cycle. Value Traps are businesses that have not demonstrated high growth or efficiency in the past. We usually remain underweight on Value Traps compared to the benchmark.
IIFL AMC head honchos share their strategy, future plans and more, Source: Cafemutual, Date: May 2020
Interviewer- how do you differentiate your focused equity fund with the rest of the market and whether a focused strategy is better or diversified?
Anup Maheshwari – he believes that both the strategies are good, it just depends on what you are comfortable at , and IIFL AMC have a solid intense research on a select group of companies in a certain framework or philosophy and he like to take the concentrated approach of selecting 30 stocks and therefore we have focused strategy. By and large the stock selection is the major game changer.
Interviewer – As said by Maheshwari that IIFL focused fund follows multi cap strategy so what is the mix ? and what is the ratio of different caps ?
Maheshwari- we focus on large cap and mid cap funds where we try to keep 60 % for large cap and 40% for mid cap though this ratio is very flexible suppose if the mid cap funds are cheap we can increase their ratio and vice versa.
Title: IIFL AMC on the India opportunities, Source: ET NOW, Date: 11 December 2019,
In the interview Mehul jani, principal fund manager summarized India in three segments
1) The most affluent part of India in their perspective contributes 60 to 70 percent of consumer lending with a per capita income of $8000 India
2) Which is almost double the size of India 1 and has less than half the per capita income which is $3500 because banks , NBFCs have very limited data on them , but this got improved because of digitalization , financial inclusion and IIFL over the next decade bet on this India.
3) When asked about the outstanding performance of the company , Jani told the interviewer that it is because of the superior stock selection, many of the portfolio companies were sector winners. He also shared that they have the concept of picking companies which are consistently growing at 15 % or more.
Prepared by – Ridhima Jaisinghan
Updated by – Akash Damani, June 2023
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